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Home » Operations

How to grow your business (part 10): Seize Opportunities

This is the last post in the series How to Grow Your Business. You can catch up with the previous posts in the series here.

In times of change, you need to be aware of the environment in which your business operates and be ever vigilant to changes. In this final post we look at how your business can position it’s self t take advantage of opportunities as they arise:

Seize opportunities

As the economy starts to strengthen, opportunities will present themselves suddenly and without warning. You need to find ways to evaluate these opportunities and assess the impact to your business both now and long term.

Ask yourself these questions:

  1. Which parts of the business generate the highest return on investment? Which generate the lowest?
  2. Would these areas benefit from increased (or reduced) investment?
  3. Do you have a clear view as to the impact that your product pipeline will have on your business?
  4. Is there an opportunity to re-engineer your business to make you more competitive?
  5. How do you compare with your competitors?
  6. Do you understand what businesses or assets you need if distressed sales came your way?

How would does your business shape up? Are you ready to seize opportunities if they present themselves?

Let us know what you think about this series of posts in the comments section below – we’re going to produce this as a down-loadable PDF, would this be useful?

Empire Building Kit

4 Comments »

  • Joshua Black | The Underdog Millionaire said:

    Matthew,

    I always like reading this series. It think that the part about which things are generating the highest return on investment, is the best takeaway.

    Small business owners spend too much time on things that don’t make them any money, and tend to avoid those things that could really bring in the big bucks.

    -Joshua Black
    The Underdog Millionaire

  • Matthew Needham said:

    Thanks Joshua, I’m glad you’ve enjoyed the series.

    You’re right small business owners spend too much time working in their business rather than working on it – which is why they don’t spend enough time on stuff that makes them money.

    Thanks for the comment, Matthew

  • Steve Scott Site said:

    Matthew,

    You make some solid points. Being able to separate the “Wheat from the Chaff” in a business is essential. Sometimes your non-productive business aspects can be tied closely with ego and people are reluctant to let them go.

    It is essential to take a step back and make sure you are only focusing on things that produce a solid ROI.

    Cheers,

    Steve

  • Matthew Needham said:

    Sadly too many business folks think of their business as a job rather than as a business so they often overlook the really important stuff. Thanks for the comments!